I wanted to take the time to introduce myself; I am Leonard Lightfoot, one fifth of the Black Coffee Company team.
Through a series of blog posts, we hope to inspire dialogue and action toward gaining control of your financial future. I plan to share my personal thoughts and strategies, as well as those of the group, to becoming more financially savvy. We welcome feedback, questions, and your own thoughts & strategies that have been successful. I am truly a life learner, always exploring methods to grow mentally, physically, and spiritually.
I often find myself bouncing ideas off co-workers about finance, so I thought to myself, why not share these ideas with the world? There is no perfect route to becoming financially free, everyone has her or his unique situation. However, I do think as a community there are major L's we have taken that can be turned into lessons (haha Cardi B reference) and shared so others can avoid the same mistakes. I do not have a detailed list of topics in mind that I would like to cover with these blog posts, but I do want to discuss college/education savings, retirement saving/planning, investing, and mitigating debt in some manner.
To kick things off and to be true to our mission, we would like to share our journey to becoming financially free (in this case debt-free). The very first step we took to overcome this problem was to sit down and assess how much debt we have as a collective. The results are alarming! As a collective, we have over $500,000 in debt. Some may think that this number is not a big deal and may even have a home mortgage over that amount. If we sit back and think about it, has the marketing machine conditioned us to accept this as the norm? Anyway, the plan is to provide an update quarterly of our progress. We know that it will not be an easy feat, but we are up for the challenge. We are currently on the second step of developing a strategy to mitigate the debt. Most likely we will follow Dave Ramsey's snowball technique to become debt free. The follow up post will include details of the type of debt that we have as a collective....
I look forward to the discussions and learning from the community. Any topic you would like for us to discuss??
*15% off your next purchase to the first person who correctly names the reference to opening statement in this post (“LO”). Provide your answer in the comment section of the blog*